Business & Finance News
Oil and gas companies around the world are planning to slash spending in the face of a plunge in oil prices caused by the spread of the coronavirus and a push by Saudi Arabia and Russia to flood the market with supply.
The coronavirus shockwaves rippling through U.S. stocks are forcing investors to contemplate outcomes more dire than a recession, including several quarters of declining economic activity, a credit crisis or even a depression.
Oil rose more than $1 on Tuesday as bargain hunters emerged after recent sharp falls due to the coronavirus pandemic and the price war between Saudi Arabia and Russia, but fears of a recession still dragged on the market.
Nordstrom Inc said on Monday it would temporarily shut its stores in the United States and Canada and pull its fiscal 2020 forecast, as the upscale retailer joins its peers in an effort to limit the spread of the coronavirus.
Asian shares fell on Tuesday in a topsy-turvy session following one of Wall Street’s biggest one-day routs in history as headlines about the coronavirus outbreak and its global economic impact whiplashed investor sentiment.
Oil prices rose more than $1 on Tuesday as the recent sharp falls due to the coronavirus pandemic encouraged bargain hunters to come forward, although the market remains volatile as the spread of the infection disrupts economies and hurts demand.
Apparel retailer Nordstrom Inc on Monday withdrew its fiscal 2020 forecast and said it would close stores in the United States and Canada for two weeks due to the coronavirus pandemic.
Boeing Co confirmed it is in talks with senior White House officials and congressional leaders about short-term assistance for itself and the entire aviation sector.
Hyundai Motor’s China domestic plant sales in February was 1,007 vehicles, company data showed on Tuesday, down 97% from 38,017 vehicles a year ago.
Exxon Mobil on Monday said it will make “significant” cuts to spending in the face of the unprecedented slide in oil prices due to the global coronavirus outbreak, which sent its shares to a 17-year low.
Power producer PG&E Corp said on Monday that it won bankruptcy court approval to use up to $23 billion in financing after California Governor Gavin Newsom dropped his opposition to those financing commitments.
Most Asian shares fell on Tuesday a day after Wall Street’s historic market rout, with fleeting initial gains evaporating as the coronavirus remained a major risk to economic growth.
Australia’s buy-now-pay-later firm Afterpay Ltd will refund late fees paid by customers in California for loans, which were deemed “illegal” by the U.S. state’s financial regulator, the two sides said as part of a settlement.
Airlines and airport operators said they are taking steps such as suspending dividends, selling and leasing back airplanes and flying cargo on empty passenger jets as they grapple with a cash crunch and plunging demand caused by the coronavirus outbreak.
McDonald’s Corp and Starbucks Corp have decided to close dine-in areas at many U.S. stores and shifted to take-away and delivery services, even as major cities ordered restaurants and bars closed to stop spread of the coronavirus.
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